Why Tesla Stock Is Losing Ground Today

CEO Elon Musk has big expansion plans for Tesla (NASDAQ: TSLA), and that means big spending up ahead. Investors are cautious, sending Tesla shares down nearly 4% on Friday morning.

Tesla's annual meeting was held Thursday night, and the big item going in was a planned 3-for-1 stock split. Shareholders approved the split, which Tesla said would make the electric vehicle stock more accessible to employees and individual investors.

Musk is known for his bold growth targets, and this meeting was no exception. Musk wants Tesla selling 20 million vehicles annually by 2030, up from 936,222 last year. With Tesla aiming to produce 1.5 million to 2 million vehicles per year at each factory, that means Tesla will need upward of a dozen assembly plants by the end of the decade to meet those goals.

Source Fool.com